Cryptocurrency vs. Digital Rupee

Author Reg. ID: TIJER_151432

Published Paper Id: TIJER2403040

Published In: Volume 11 Issue 3, March-2024

Abstract: Cryptocurrency is a digital currency designed to be used as a medium of exchange through a computer network, without relying on a central authority (such as a government or bank). It takes place digitally and uses encryption technology to protect transactions. It's a peer-to-peer system that allows everyone who is willing to take part from anywhere to send and receive payments. Cryptocurrency payments are not physical currencies that are carried and exchanged in the real world; reside in digital assets in online repositories that describe specific transactions. When you transfer cryptocurrency, the transaction is recorded on a public distributed ledger (a decentralized ledger is a data structure distributed across different devices). Blockchain technology a distributed and encrypted ledger acts as the backbone of cryptocurrency. Bitcoin and Ethereum are the two biggest cryptocurrencies. The Digital Rupee is the RBI’s accepted interpretation of cryptocurrencies, which the central bank has dismissed constantly and called a serious challenge to the stability of the fiscal system of the country. The Reserve Bank of India is set to launch the airman of its central bank digital currency (CBDC), which it categorizes as legal tender in a digital form. Commonly known as the digital rupee, it'll be interchangeable at par with currencies and will be considered respectable for payments and a safe store of value.

Keywords: Cryptocurrency, Digital Rupee, e₹, India’s digital currency.

Downloads: 00026

Page No: a290-a293

Country: -, -, India

Research Area: Science and Technology

Published Paper URL: https://tijer.org/TIJER/viewpaperforall?paper=TIJER2403040

Published Paper PDF: https://tijer.org/TIJER/papers/TIJER2403040

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